FxWirePro: USD/JPY extends weakness below 20-DMA, intraday bias bearish

USD/JPY chart - Trading View 

USD/JPY recovery has been capped at 21-EMA resistance. The pair is extending lower for the second straight session.

MACD is on verge of bearish crossover on signal line, negative DMI crossover on positive DMI seen.

Major trend is bearish and upside has seen rejection at 55-EMA. Stochs and RSI are sharply lower and RSI is well below 50 levels.

Price action currently hovers around 61.8% Fib. Break below will see test of lower Bollinger band at 107.08.

Immediate resistance is seen at 20-DMA at 107.99. Retrace above could see minor upside.

Support levels - 107.61 (61.8% Fib), 107.08 (Lower BB), 106.78 (June 25 low)

Resistance levels - 107.99 (20-DMA), 108.52 (50% Fib), 108.78 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.